Current Affairs Global - 20 May 2014

1. The Thai military has imposed martial law to preserve law and order across the country amid a political crisis. In response, the acting Prime Minister urged the army to act under the Constitution and with no violence. As a part of this, Soldiers have taken over TV and Radio Stations and blocked off roads in the capital, Bangkok.

2. Swiss banking giant Credit Suisse has pleaded guilty to the charges that it helped its American clients evade taxes and agreed to pay a penalty of USD 2.6 billion to avoid prosecution. As per US Attorney, Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes.

This is the largest bank to plead guilty in 20 years. The bank will pay a total of USD 1.8 billion in the form of a fine of over USD 1.13 billion and nearly USD 670 million in restitution to the IRS.